(A) To satisfy the requirements of section 457 of the Internal Revenue Code of 1986, as amended, the Town Council has adopted the “Sheridan Employees Retirement Plan, A Deferred Compensation Plan.” Copies of the plan shall be available to all employees of the town.
(B) The plan will be administered by a committee of one or more persons appointed by the employer. The Committee will have the power to adopt rules for the administration of the plan and to interpret, change or revoke any such rules.
(Res. passed 12-8-92)